[Federal Register Volume 77, Number 165 (Friday, August 24, 2012)]
[Notices]
[Pages 51600-51602]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-20822]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67692; File No. SR-ICC-2012-13]


Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
Schedule 502 of the ICC Rules To Provide for Clearing of Additional 
Markit CDX North American Investment Grade Indices

August 20, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder \2\ notice is hereby given that 
on August 10, 2012, ICE Clear Credit LLC (``ICC'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I, II and III below, which Items have been 
prepared primarily by ICC. ICC filed the proposed rule change pursuant 
to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(4)(ii) \4\ 
thereunder, so that the proposed rule change was effective upon filing 
with the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested parties.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4)(ii).
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I. Self-Regulatory Organization's Statement of Terms of Substance of 
the Proposed Rule Change

    The purpose of proposed rule change is to provide for the clearance 
of the following credit default swaps: Markit CDX North American 
Investment Grade Series 11 Index with a seven year maturity, maturing 
on December 20, 2015, Markit CDX North American Investment Grade Series 
12 Index with

[[Page 51601]]

a seven year maturity, maturing on June 20, 2016, Markit CDX North 
American Investment Grade Series 13 Index with a three year maturity, 
maturing on December 20, 2012, Markit CDX North American Investment 
Grade Series 13 Index with a seven year maturity, maturing on December 
20, 2016, Markit CDX North American Investment Grade Series 14 Index 
with a three year maturity, maturing on June 20, 2013, Markit CDX North 
American Investment Grade Series 14 Index with a seven year maturity, 
maturing on June 20, 2017, Markit CDX North American Investment Grade 
Series 15 Index with a three year maturity, maturing on December 20, 
2013, Markit CDX North American Investment Grade Series 15 Index with a 
seven year maturity, maturing on December 20, 2017, Markit CDX North 
American Investment Grade Series 16 Index with a three year maturity, 
maturing on June 20, 2014, Markit CDX North American Investment Grade 
Series 16 Index with a seven year maturity, maturing on June 20, 2018, 
Markit CDX North American Investment Grade Series 17 Index with a three 
year maturity, maturing on December 20, 2014, Markit CDX North American 
Investment Grade Series 17 Index with a seven year maturity, maturing 
on December 20, 2018, Markit CDX North American Investment Grade Series 
18 Index with a three year maturity, maturing on June 20, 2015, and 
Markit CDX North American Investment Grade Series 18 Index with a seven 
year maturity, maturing on June 20, 2019 (the ``Additional Indices''). 
ICC currently clears Markit CDX North American Investment Grade Indices 
with five, seven and ten year maturities. The Additional Indices do not 
require any changes to the body of the ICC Rules. ICC will clear the 
Additional Indices pursuant to ICC's existing Rules. Also, clearing the 
Additional Indices does not require any changes to the ICC risk 
management framework including the ICC margin methodology, guaranty 
fund methodology, pricing parameters and pricing model. The only change 
relates to the inclusion of the Additional Indices in Schedule 502 of 
the ICC Rules.

II. Self-Regulatory Organization's Statement of Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, ICC included statements 
concerning the purpose and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. ICC has prepared summaries, set forth in sections A, B, 
and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    ICC believes that the clearing of the Additional Index will 
facilitate the prompt and accurate settlement of swaps and contribute 
to the safeguarding of securities and funds associated with swap 
transactions.

B. Self-Regulatory Organization's Statement on Burden on Competition

    ICC does not believe that the proposed rule change will have any 
impact, or impose any burden, on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    ICC has not solicited, and does not intend to solicit, comments 
regarding this proposed rule change. ICC will notify the Commission of 
any written comments received by ICC.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change was filed pursuant to Section 19(b)(3)(A) 
\5\ of the Act and Rule 19b-4(f)(4)(ii) \6\ thereunder and thus became 
effective upon filing because it effects a change in an existing 
service of a registered clearing agency that primarily affects the 
futures clearing operations of the clearing agency with respect to 
futures that are not security futures and does not significantly affect 
any securities clearing operations of the clearing agency or any 
related rights or obligations of the clearing agency or persons using 
such service. At any time within sixty days of the filing of such rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.
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    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 17 CFR 240.19b-4(f)(4)(ii).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File No. SR-ICC-2012-13 on the subject line.

Paper Comments

     Send in triplicate to Elizabeth M. Murphy, Secretary, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549-1090.

All submissions should refer to File Number SR-ICC-2012-13. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 10 
a.m. and 3 p.m. Copies of such filings will also be available for 
inspection and copying at the principal office of ICE Clear Credit and 
on ICE Clear Credit's Web site at https://www.theice.com/publicdocs/regulatory_filings/ICEClearCredit_080912a.pdf.
    All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly. All submissions should refer to File Number SR-ICC-2012-13 
and should be submitted on or before September 14, 2012.


[[Page 51602]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-20822 Filed 8-23-12; 8:45 am]
BILLING CODE 8011-01-P